Nordea Launches Blockchain-based Trading Platform for SMEs

Denmark-based leading bank Nordea has just announced in a press release it will start offering its blockchain-based trading platform we.trade to SMEs.

Apparently, this platform will help small and medium-sized enterprises to conduct cross-border transactions with a higher level of security.

According to the company, users will be able to choose which events will trigger payments, while contracts can be written in several languages.

12 different banks, including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Santander, Société Générale and UniCredit have participated in the development of this project based on IBM's blockchain platform.

We.trade conducted its first operations in June 2018.

Although Nordea is actively using blockchain technology in the development of this initiative, the bank's attitude towards cryptos is completely different. For example, in January 2018 the bank banned its employees from owning Bitcoin.

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